GUBRANasdaq CopenhagenBiotechnologyIFRS · DKK

Gubra A/S

Gubra A/S is a Danish techbio company founded in 2008 that focuses on peptide-based drug discovery and preclinical contract research. It operates through three business units: Biotech, CRO, and Ventures, combining internal therapeutic development with external research services and new company creation.

Ask about the company
Revenue2,637m DKK
+892.2 %y/y
Operating profit (EBIT)2,150m DKK
+4,399.3 %y/y
EBIT margin81.5%
+100.4 ppy/y
Net income1,691m DKK
+4,731.9 %y/y
Free cash flow1,695m DKK
+8,300.4 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-1,00001,0002,0003,000m DKK2022: 199 m DKK2022: EBIT -1.3 m DKK20222023: 205 m DKK2023: EBIT -48 m DKK20232024: 266 m DKK2024: EBIT -50 m DKK20242025: 2,637 m DKK2025: EBIT 2,150 m DKK20252,6372,150
RevenueOperating profit (EBIT)
Ask Clarifo about Gubra A/S

Business

Share of revenue
Biotech pipeline40 %

Internal drug discovery and early clinical development of differentiated peptide therapeutics.

CRO services50 %

Preclinical contract research studies and supporting scientific services for external customers.

Partnered programs8 %

Out-licensed or partnered programs that generate milestones and other collaboration value.

Ventures2 %

New company formation and incubation activities built around Gubra’s technology and science base.

Customers

Gubra serves pharmaceutical and biotech companies that need preclinical research, target validation, and early discovery support, while its Biotech unit ultimately targets partners and future commercial licensees for its therapeutic assets. The CRO business also supports smaller biotech customers, which are sensitive to funding conditions, and larger pharma groups seeking specialized peptide and translational expertise.

Pharmaceutical partners

Buy access to partnered peptide programs and development rights to advance them clinically and commercially.

Biotech CRO customers

Outsource preclinical studies, model work, and target validation to Gubra’s CRO platform.

Smaller biotech customers

Use CRO services for cost-effective scientific execution when internal funding and infrastructure are constrained.

Internal pipeline stakeholders

Indirect economic users of Gubra’s platforms and studies that support Biotech asset advancement.

Strategy

Gubra’s strategy is to advance differentiated peptide assets to clinical proof-of-concept, then partner them for broader development and commercialization. In parallel, it uses its CRO platform to generate recurring scientific revenue, validate hypotheses, and strengthen internal discovery capabilities, while Ventures extends the business model into new opportunities.

Advance GUB-UCN2 and other obesity assetsShort term

Clinical proof-of-concept creates partnering optionality and long-term value in metabolic disease.

Strengthen CRO growth platformShort term

Recurring contract research revenue supports the business while also feeding internal scientific capabilities.

Scale the peptide discovery platformMedium term

Platform depth improves hit generation, optimization, and the probability of producing differentiated assets.

Develop Ventures as an incubation pathwayMedium term

New ventures can broaden monetization and reduce dependence on any single asset or collaborator.

Geography

Gubra is headquartered in Denmark and operates from Hørsholm, where it is expanding laboratory capacity. Its customer base is global, with CRO services sold to international pharmaceutical and biotech clients and partnered development programs with large multinational companies.

Risks

Gubra’s business depends on successful scientific execution, clinical development, and partner decisions, all of which are uncertain and can change program timing and economics. The CRO business is also exposed to biotech funding cycles and customer spending, while the broader company faces typical drug-discovery risks such as trial failure, regulatory delay, and difficulty converting preclinical promise into clinical value.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Partner dependence1Clinical development failure2Scientific and platform execution risk3CRO funding cyclicality4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Partner dependenceImpact: HighLikelihood: High

    Out-licensed programs are controlled by partners, so timing and commercialization outcomes are outside Gubra’s direct control.

    Exposure: AbbVie and Boehringer Ingelheim programs

  2. Clinical development failureImpact: HighLikelihood: Medium

    Lead programs may not show sufficient efficacy, safety, or differentiation in human studies.

    Exposure: GUB-UCN2 and other obesity assets

  3. Scientific and platform execution riskImpact: HighLikelihood: Medium

    Drug discovery depends on successful target selection, optimization, and translational validation.

    Exposure: Peptide discovery platform

  4. CRO funding cyclicalityImpact: MediumLikelihood: High

    Smaller biotech customers can reduce spending when capital markets are weak, lowering demand for preclinical services.

    Exposure: CRO customer base

Ask Clarifo about Gubra A/S

Accounting

Judgemental items
Revenue recognition timing

CRO studies and collaboration milestones may be recognized over time or at specific events, affecting quarter-to-quarter comparability.

Impact: Can cause lumpy reported revenue

Development cost accounting

The distinction between expensed research and any capitalized development-related costs affects operating results and asset values.

Impact: Impacts EBITDA and balance sheet assets

Fair value measurement

Ventures and strategic holdings may require fair value assessments for investments or contingent interests.

Impact: Can create non-cash gains or losses

Impairment assessment

Pipeline assets and strategic investments may need impairment testing if technical or commercial prospects weaken.

Impact: May reduce carrying value of assets

Similar listed companies

Publicly listed companies with a comparable business focus.

Spero Therapeutics, Inc.

SPRO · Pharmaceutical Preparations

Tyra Biosciences, Inc.

TYRA · Pharmaceutical Preparations

Septerna, Inc.

SEPN · Pharmaceutical Preparations

Aprea Therapeutics, Inc.

APRE · Pharmaceutical Preparations

Corbus Pharmaceuticals Holdings, Inc.

CRBP · Pharmaceutical Preparations

Damora Therapeutics, Inc.

DMRA · Pharmaceutical Preparations

Last updated: 24/10/2026